e-gold > Reviews > E (by) Gold - tis a reet grand idea, lad

Author's product rating:   

Product package	Good
Security and Privacy	excellent

Advantages:	Value of gold is fluid not static / professional site
Disadvantages:	little used / value of gold is fluid not static

Recommend to potential buyers:

no

Full review

Having reviewed Paypal as a useful internet money transfer system I now turn my attentions to another such facility: E-Gold

I would like to point out that there may be uses of E-Gold that I am unaware of this review is designed for casual users of money transfer systems who do not deal in large amounts of money and not webmasters of investment programs who may find this program useful.

History

The money exchange sites which appeared as the internet expanded were always going to be easy targets for scams, cheats and hackers. Paypal was hijacked by these a few years ago and so closed many accounts (this has since been shown to be accounts like Paid-to-Read email accounts, pointless pyramids system and the like).

This meant all the legitimate programs and the hackers all looked for other suckers (suckers is the technical word here).
E-Gold was created using a system of security of "Turing Numbers" this was an added level of security above the password and user name to log in to your account. Also using gold as the currency with agents to buy and sell gold seems to have worked well in resisting cheats and hackers.

The Basics

1) You receive money from an E-Gold user it goes into your account
2) You pay for goods and services with the money in your account.
3) To "cashout" you pay a buyer to buy your gold and give you money for it.

The Costs

I will admit I do not understand fully how that side of the business works so I will not attempt to explain it here.
1) E-Gold receives its money through storage fees (which are 1 cent a year) and
2) Commissions from cashing our customers based on their value of Gold.

Obviously E-Gold does not appear too popular enough to be used in WHSmith or Tesco so why should you use this program?

Well the truth is as a general nobody I have an E-Gold account, but I really have no use for it and I am going to close it. I have amassed the grand figure of $10 from a couple of sources who pay by E-Gold and I realise that I can't "Cashout" without high fees and no one uses E-Gold except the programs I shall run through below.

If you are just someone who sells a few things on ebay and runs a trade business you are best to avoid this unless you deal in high value goods.

This program is widely used but only in niche companies (see below)

Users of E-Gold

Without meaning to belittle the organisations the only users of E-Gold I have seen are HYIP programs, Paid-to-Read email programs and the obligatory Pyramid systems.
Obviously you want to avoid the pyramid systems
You want to avoid the Paid-to-read email programs unless you know which ones to look for as they either don't pay / can't pay or pay next to nothing anyway for your work.
The HYIP are a form of pyramid system they give you high interest on investments of E-Gold, but most of these are based on people joining - so if no one joins you lose your money.

Essentially E-Gold is a great program, and professionally run but unfortunately has no use at present. If you have Paypal stick with it. If you fancy trying your luck with HYIP then you are a fool.

There may be uses of E-Gold that I am unaware of this review is designed for casual users of money transfer systems who do not deal in large amounts of money and not webmasters of investment programs who may find this program useful.